Finding & Financing Fixer-Upper Bargains

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RealtyTrac partners with renovation loan experts Dennis and Teresa Walsh, co-founders of REbuildUSA, to provide a comprehensive overview of the FHA 203k loan, a renovation loan that is real estate's best-kept secret.

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Finding & Financing Fixer-Upper Bargains

  1. 1. © 2013 Renwood RealtyTrac LLCFinding & Financing Fixer-Upper Bargains
  2. 2. WHAT WE’LL COVER TODAY• How to find potential fixer-uppers– REO, pre-foreclosure, vacant pre-foreclosure, for sale– Don’t forget the home you live in!• The renovation loan that is real estate’s best-keptsecret– Basic features of the loan– Opportunities to use the loan– What buyers and properties qualify• Resources to take action• Q&A© 2013 Renwood RealtyTrac LLC
  3. 3. FINDING FIXER-UPPER BARGAINS: OLDER REO INVENTORY© 2013 Renwood RealtyTrac LLC
  4. 4. FINDING FIXER-UPPER BARGAINS: OLDER REO INVENTORY© 2013 Renwood RealtyTrac LLC
  5. 5. FINDING FIXER-UPPER BARGAINS: VACANT PRE-FORECLOSURES© 2013 Renwood RealtyTrac LLC
  6. 6. FINDING FIXER-UPPER BARGAINS: VACANT PRE-FORECLOSURES© 2013 Renwood RealtyTrac LLC
  7. 7. FINDING FIXER-UPPER BARGAINS: VACANT PRE-FORECLOSURES© 2013 Renwood RealtyTrac LLC
  8. 8. FINDING FIXER-UPPER BARGAINS: FOR-SALE HOMES© 2013 Renwood RealtyTrac LLC
  9. 9. FINDING FIXER-UPPER OPPORTUNITIES: YOUR OWN HOME!© 2013 Renwood RealtyTrac LLC
  10. 10. “REAL ESTATE’S BEST KEPT SECRET”
  11. 11. FHA 203K FEATURESFunds for purchase or refinance &renovation© 2013 Renwood RealtyTrac LLC
  12. 12. FHA 203K FEATURES3½% down payment– Can be gifted- Assumable© 2013 Renwood RealtyTrac LLC
  13. 13. FHA 203K FEATURESEasier qualification– Less than perfect credit– Higher ratios© 2013 Renwood RealtyTrac LLC
  14. 14. FHA 203K FEATURESFHA loan limits- $271,000 to $729,750© 2013 Renwood RealtyTrac LLC
  15. 15. FHA 203K FEATURESOwner-occupants & non-profits© 2013 Renwood RealtyTrac LLC
  16. 16. FHA 203K FEATURES1 to 4 unit & mixed use buildings© 2013 Renwood RealtyTrac LLC
  17. 17. FHA 203K FEATURESStandard & Streamline versions© 2013 Renwood RealtyTrac LLC
  18. 18. GREAT OPPORTUNITIES FOR TODAY© 2013 Renwood RealtyTrac LLC
  19. 19. OPPORTUNITIES FOR TODAYDistressed properties – need renovation!© 2013 Renwood RealtyTrac LLC
  20. 20. OPPORTUNITIES FOR TODAY85% U.S. homes 20yrs or older© 2013 Renwood RealtyTrac LLC
  21. 21. OPPORTUNITIES FOR TODAYNeed repairs for FHA financing© 2013 Renwood RealtyTrac LLC
  22. 22. REAL-LIFE EXAMPLE : $33K IN CLEVELAND’S SHAKER HEIGHTS© 2013 Renwood RealtyTrac LLC
  23. 23. REAL-LIFE EXAMPLE: 510K IN SOCAL’S COSTA MESA© 2013 Renwood RealtyTrac LLC
  24. 24. As-Is Sales Price: $450,000Property Condition/Issues:•Missing kitchen appliances•Missing portions flooring throughout house•Needed electrical and drywall repairsTotal Renovation Costs: $35,000Purchase Price (As-Is): $450,000Total Renovation Costs: $35,000Total Cost: $485,000FHA 203k Base Loan Amt. (96.5% LTV): $468,025Down Payment (3.5% of Total Cost): $16,975After-Renovated Value: $620,000Renovation Financing - FHA 203kACTUAL FHA 203K EXAMPLE© 2013 Renwood RealtyTrac LLC
  25. 25. SOLUTIONS FOR TODAYConventional financing unavailable© 2013 Renwood RealtyTrac LLC
  26. 26. SOLUTIONS FOR TODAYGreat deals for millions of Buyers© 2013 Renwood RealtyTrac LLC
  27. 27. WHO ARE 203K BUYERS?© 2013 Renwood RealtyTrac LLC
  28. 28. 203K BUYERSFirst time buyers© 2013 Renwood RealtyTrac LLC
  29. 29. 203K BUYERSMove-up & move-down© 2013 Renwood RealtyTrac LLC
  30. 30. 203K BUYERSUrban locationclose to workshoppingentertainment© 2013 Renwood RealtyTrac LLC
  31. 31. REAL-LIFE EXAMPLE: 183K CONDO IN DOWNTOWN CHARLESTON© 2013 Renwood RealtyTrac LLC
  32. 32. 203K BUYERSChanging needsfamily, home office© 2013 Renwood RealtyTrac LLC
  33. 33. 203K BUYERSLooking for discounts, sweat-equity© 2013 Renwood RealtyTrac LLC
  34. 34. 203K BUYERSOccupant investors – 1 to 4 units© 2013 Renwood RealtyTrac LLC
  35. 35. © 2013 Renwood RealtyTrac LLC
  36. 36. 203K BUYERSSmart buyers!© 2013 Renwood RealtyTrac LLC
  37. 37. RESOURCES TO TAKE ACTION© 2013 Renwood RealtyTrac LLC1. RealtyTrac 203k Loan Resource Center:www.realtytrac.com/203k• Much more details on the loan• Find a local 203k loan specialist• Cool infographic on how 203k works2. Search for homes: www.realtytrac.com

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